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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2309
Experience:  Certified Public Accountant
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My wife was listed as executor of her mother's estate. Her

Customer Question

My wife was listed as executor of her mother's estate. Her mother had two joint bank accounts with her son. She had a $200,000 CD in a joint account with right of survivorship with me, her son-in-law. We are in Texas and these funds passed to the joint owners at death and the lawyer says there are no assets in her name and thus no estate to probate,
Tax Question: The $200000 is where some distributions need to come from. $25000 to a granddaughter. $10000 to a grandson. An amount around $20000 to the son to go with the bank account in his name to equal his portion. The remainder is for my wife but being a community property state as soon as it goes in our savings account together that would be hers and mine. So do I need to do Gift tax forms on this money? Should it be divided say on Dec 31 and Jan 1 to cover the $14000 limit?
Submitted: 12 months ago.
Category: Tax
Expert:  Mark Taylor replied 12 months ago.

Hi, my name is Mark. I will be happy to help you. The attorney is correct that the $200,000 CD would transfer to the son and there would be no estate to probate. Where did your mother in law live. Does your wife have a good relationship with the brother? In most cases the $200,000 belongs to your wife's brother. Is he agreeable to making the distributions according to his mother's wishes?